When it comes to buying a home with a mortgage, one thing is for sure: you’ll need Mortgage Protection.
But what if you’re on the autism spectrum?
Does getting Mortgage Protection Insurance become a more challenging puzzle to solve?
With the right approach and a bit of guidance, securing Mortgage Protection if you have been diagnosed with autism should be straightforward.
Let’s clarify a few things about Mortgage Protection.
This type of insurance will pay a lump sum of money to the bank in the event of your passing.
It will clear the mortage, offering you peace of mind, knowing that your family will have a mortgage free home to live in when you’re no longer around.
If you’re single and don’t give two hoots who gets the house, well I’m afraid, you’ll just have to suck it up – you still need Mortgage Protection.
There are two main types of Mortgage Protection: Reducing and Non Reducing.
a) Reducing Mortgage Protection, as the name implies, reduces over time.
So if you buy €300,000 cover today, in 5 years time it will have decreased.
Well your mortgage will also have decreased as you pay it off so if you pass away, the cover on your Mortgage Protection will be enough to pay off the balance on your mortgage without leaving any money behind (so it’s perfect for you singletons reading).
Reducing Mortgage Protection is the cheapest form of Life Insurance.
b) Non Reducing Mortgage Protection is more commonly known as Life Insurance.
Using the example above, the €300,000 cover is fixed so whether you die the day after your policy or in 15 years time, it will pay out €300,000 to the bank.
The bank will clear the outstanding balance on your mortgage from that €300k and pass whatever is left over to your estate to be divided as you wish.
Both types of insurance covers you for a specified period (e.g., 20 or 30 years).
OK, I hope that’s all clear, now let’s look at the basics of getting Mortgage Protection if you have been diagnosed with Autism.
Surprisingly, you don’t have to disclose your diagnosis.
As with all medical conditions, when completing a life insurance or mortgage protection application form, you only need to answer the questions you are explicitly asked on the forms.
If the insurer doesn’t ask, you don’t have to answer.
However, they have additional questions that people who are diagnosed as autistic may have to answer “yes” to.
“have you attended a psychiatrist”
“are you on prescription medication”.
If you answer yes to either , the insurer will probe with further questions like
In some cases, they may request a report from the GP.
Once they have the GP report, they will review it (also know as underwriting)
Life Insurance companies use a process called medical underwriting to assess the risk level of someone applying for mortgage protection.
There’s no getting around they’re in the business of making a profit so if they decide that an applicant represents a higher risk of a claim than average, they will increase that person’s premium.
They consider factors such as your age, health, lifestyle, and family medical history.
While autism may not directly impact your insurability (if you can answer no to the above questions) you should be prepared for questions about your overall health and any related conditions or treatments.
Securing Mortgage Protection with autism might involve more complexity than for those without the condition.
To navigate this journey successfully, consider working with an experienced Protection Broker who can guide you through the process.
A knowledgeable broker can help you find the right insurance companies that are more likely to accommodate your unique circumstances.
If you have been diagnosed with autism you may want to explore a Mortgage Proteciton policiy with a Conversion Option.
This option allows you to extend your policy without having to answer additional medical questions when your initial term expires. It’s a valuable safeguard against future challenges that might affect your insurability.
If you have a Convertible Mortgage Protection Policy, you can convert it into a non-reducing policy at any time by exercising the option.
When you have autism, it’s essential to shop around and get multiple quotes from different insurance providers.
Each company has its underwriting guidelines, and some may be more accommodating than others.
By comparing quotes, you can find the best policy that suits your needs and budget.
Or if you don’t have the time to do this, use a broker who has access to all the providers in the Irish market.
The cost of mortgage protection insurance will vary widely depending on various factors, including your age, health, the amount of coverage you need, the type of policy, and the insurance company you choose.
Having autism, in and of itself, should not significantly impact the cost of mortgage protection insurance.
Here are some factors to consider when determining the cost of Mortgage Protection insurance:
Keep in mind that while having autism may not directly impact your eligibility for mortgage protection insurance, insurers will assess your overall health and any related medical conditions.
Yes, both are possible and generally you will get the normal price without any exclusions.
In conclusion, getting Mortgage Protection when you have autism is not only possible,but you will usually get the normal price so try not to worry!
Thanks for reading
lion.ie | Protection Broker of the Year 🏆
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As Ireland's leading life insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!